A Fixed Term Leasehold was introduced in the Land and House Lease Law and was effective from August 1, 1992. In Japan, the term of leasehold had not been limited in effect before the introduction of the leasehold. A number of residential properties with the fixed term leasehold have been provided by developers since then.
From purchasers' point of view, those houses with the leasehold are cheaper than those with freehold. On the otherhand, from landowners' view point, they can secure stable income for longtime as well as legal protection of recovery of their leased land when the lease is expired. By the law, building on the leased land should be demolished when the land is returned to th landowner.
However, a lot of problems remain to be resolved before residential properties with the fixed leasehold come to be more acceptable.
The aime of this article is twohold. First, practical problems on the leasehold are pointed out. Second, several solutions to the problems are considered.
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